Conclusion
Summary
This chapter discusses the five rules to follow to make trading simple. These five rules apply across the board, regardless of which category one is in: scalper, day trader, swing trader, position trader or mechanical trader. One should follow the five rules conscientiously and one will be on one's way to becoming consistently profitable. This chapter also explains one final lesson from the author's Chinese mentor to illustrate his point better, which are the three steps to get from where one is now and where one wants to go. The first step is knowledge. Knowledge is defined as an awareness or understanding gained through education or experience. In forex, this step involves reading a forex quote, knowing how to execute a long or short trade, gaining clarity on the factors that move the markets, and developing insight into one's very own trading profile. The second step is action. Action is defined as the art of applying knowledge through organized activities to achieve a desired result. In forex, this step involves watching the markets, studying the rules, executing the trade, and recording the results. The third step is desire.